Media Hub | News | 2014

WageRoller Launched

Just Cash Flow PLC has added a new product to its expanding portfolio of facilities designed to help UK businesses fund their growth.

The WageRoller product works in the same way as a traditional bank overdraft with no interest being charged unless you draw down. In these scenarios, interest is then charged on a daily basis. There is also a small facility fee for the flexibility of the WageRoller facility.

John Davies from Just Cash Flow PLC explains the intentions behind the product's creation, "Business owners tell us that their number one concern is potential cash flow problems” caused by unexpected delays in customer payments.

He added: “However, the real fear is suddenly not being able to pay staff and the impact this would have on their reputation and staff morale."

An example of the Wageroller being utilised would be in the circumstance of a company having a £10K weekly wage bill and is also concerned that one of its major customers may not pay on time. If that business then requested a drawdown of £10K from the WageRoller facility, it would have access to the funds on the same day.

Typically a daily interest rate of 0.1 per cent is charged, meaning the business in question would be paying £10 a day.

John believes that this represents the perfect scenario for the product, with it being likely that a customer payment will be received days later.

He said: “You pay the wages and have happy and content employees. Your customer also pays you late that afternoon which means you are able to repay the £10K that day. The business has managed its cash flow problem and not paid a penny in interest."

"Feedback tells us that the WageRoller will be a popular product given the time and uncertainty surrounding getting traditional banking finance in place if you hit a sudden bump in the road, " says John.

Alongside WageRoller, Just Cash Flow PLC also offers a Revolving Cash Facility and its newly launched PortfolioBuilder for established property businesses in the UK that own at least one or more commercial properties and need funds to support a refurbishment or to complete an existing development.

Date Issued 07 October 2014.

This article was originally published by B2B news portal Bridging & Commercial.

Follow @justcashflowuk on Twitter for more like this.

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